Estates

This depends on how the house is treated in the will. Generally, if the house is given to a beneficiary specifically or through the residuary clause, or if it goes to an heir by intestate succession, the house becomes the property of the beneficiary as of the date of death even though the beneficiary is not entitled to actual possession yet. In that case, mortgage, property taxes, insurance and utilities are the obligation of the beneficiary or heir and are not true estate expenses. Since the estate account contains estate monies that may be used only for estate expenses and since those are not estate expenses, the estate account may not be used for them. However; if the will states that the house is not to be given to anyone in particular but that it is to be sold by the estate and the proceeds given to the the beneficiary, then the carrying charges of the house are legitimate estate expenses and the estate account may be used. In the world of reality and practicality, the estate account is sometimes used, even though it may technically be wrong. Sometimes, beneficiaries agree to let the estate account pay for carrying charges, subject to the beneficiary reimbursing the estate later on. As far as rent payments go, obviously, the estate account will be used to pay for the rental obligations the decedent has, because this is a legitimate debt of the decedent. But, the estate account cannot pay for someone else to live there. The executor has an obligation to cancel the lease as soon as practicable so that no unnecessary rent payments accrue.

The debts of the estate must be paid before any distribution of assets is made. If the parent left a will and owned a home, the estate must be probated in order for title to pass to the heirs legally. The creditors must be notified of the death.

It means to the children of the person who should have inherited, but died before he could.

If you are the insured and your beneficiary died, and you had a secondary beneficiary then the money would go to the secondary. If you had split beneficiaries, then her cut would get funneled to the other beneficiaries. If you didn't have split beneficiaries or secondary beneficiary, the money should go to your estate where your creditors would get first pickings. Therefore, I would get myself to the insurance company (phone, website, broker) and update that policy ASAP.

Although the bible says the meek will inherit the earth the meek do not make strong leaders.

No. Life insurance proceeds are not taxable. However, depending on the trust, the earnings, if any, while in the trust may well be.

That depends on the validity of the trust, the terms of the trust and the source of the property that was transferred to the trust.

If you transferred property to the trust and the trust isn't valid then that property remains in the your estate. If the trust property is to be transferred to you upon her death then the property will become part of your estate. If the trust is not properly drafted the property will also be exposed to creditors. An improperly drafted trust can cause very costly legal problems when, for example, the trustor dies.

Trust law is extremely complex and varies from state to state. A trust must meet the requirements of the federal tax code. You should have your trust reviewed by an attorney who is an expert in trust law and estate planning.

No. A trustee is only liable in her capacity as a trustee and only the trust assets are exposed to its debts. Of course, that protection exists providing the trust is valid. If someone sets up a trust in order to incur debts they will not be personally responsible for paying, a creditor may be able to recover by a court action. Also, a trustee is personally liable for any mishandling of the funds of the trust.

All the time, and rightly so. It is the duty of an executor to "discharge all just debts."

Internal Revenue Service

Well...payable after death. Your estate will resolve your business affairs (whatever they be) after your death, so debts and taxes (for the part of the year you were alive), etc are paid, before any heir can get anything. Then the estate ends...and your business obligations can rest in peace.

$2.00

If there is no will, the widow is going to be entitled to at least 50% of the estate. If the husband had no children, she is probably entitled to everything. Consult a probate attorney in your community, the initial consultation should not cost anything.

Proceeds are the payments of the benefit. So in other words with Life Insurance it is the death claim amount paid out.

http://en.allexperts.com/q/Real-Estate-Home-1842/Refinancing-Trust.htm

I will assume that you conveyed your real property to your daughter and reserved a life estate in that property. In that case, your daughter is the owner of the property. She can leave it to someone in her will or it will pass to her heirs-at-law under the laws of intestacy in your state. Generally, if she is married with children, her husband and children will inherit the property if she has no will. You can check your state laws of intestacy at the related question link provided below. Your daughter's death will not affect your life estate. Whoever would inherit her property upon her death either by will or by intestacy would inherit it subject to your life estate.

ttee

what happens to paided off car if spouse dies

The beneficiary is the person who receives the proceeds from a life insurance policy upon the death of the insured person.

In law, a beneficiary is one who is designated to receive something as a result of a legal arrangement or instrument. For example, a person may be the beneficiary of a will, trust, bank account, investment account or life insurance policy. On the other hand, a church, charitable organization, school, college, cemetery association, public television, hospital, museum, etc., could also be a beneficiary of a will, trust, account or insurance policy.

If no one is named as beneficiary on a policy than the death proceeds would go to the insureds estate and would be subject to taxation and probate. A very costly mistake!

If the insurance is made payable to the estate then the debts of the decedent must be paid before any distribution to heirs is made.

The executor of the estate is responsible. They are required to file a tax return for the deceased. It may be a good idea to consult a tax attorney before doing this.

Generally, an executor may appoint an agent. However, the agent is usually the attorney who is handling the estate. You should check with that attorney to determine if you could appoint your trusted friend to act for you in that capacity. The appointment would need to be expressed in writing and filed with the court.

You can check the laws of your state at the link in the related question below.